Comerica Bank Trims Holdings in Flowserve Corporation (FLS)
Comerica Bank lowered its position in Flowserve Corporation (NYSE:FLS) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,262 shares of the industrial products company’s stock after selling 272 shares during the quarter. Comerica Bank’s holdings in Flowserve Corporation were worth $1,676,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Huntington National Bank lifted its stake in Flowserve Corporation by 28.0% in the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock valued at $101,000 after buying an additional 480 shares during the last quarter. Creative Planning lifted its stake in Flowserve Corporation by 6.2% in the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock valued at $112,000 after buying an additional 141 shares during the last quarter. Harbour Capital Advisors LLC purchased a new stake in Flowserve Corporation in the first quarter valued at approximately $116,000. Ameritas Investment Partners Inc. purchased a new stake in Flowserve Corporation in the first quarter valued at approximately $151,000. Finally, Fox Run Management L.L.C. purchased a new stake in Flowserve Corporation in the second quarter valued at approximately $204,000.
Shares of Flowserve Corporation (NYSE FLS) opened at 40.45 on Wednesday. Flowserve Corporation has a 1-year low of $37.51 and a 1-year high of $52.10. The stock’s 50 day moving average price is $40.34 and its 200 day moving average price is $45.74. The stock has a market cap of $5.28 billion, a PE ratio of 50.56 and a beta of 1.45.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.21). The company had revenue of $877.00 million for the quarter, compared to analyst estimates of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 EPS. On average, equities research analysts anticipate that Flowserve Corporation will post $1.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 22nd will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, September 21st. Flowserve Corporation’s payout ratio is currently 98.70%.
COPYRIGHT VIOLATION NOTICE: “Comerica Bank Trims Holdings in Flowserve Corporation (FLS)” was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another site, it was illegally copied and reposted in violation of US and international copyright & trademark laws. The correct version of this story can be accessed at https://www.thecerbatgem.com/2017/09/13/comerica-bank-trims-holdings-in-flowserve-corporation-fls.html.
A number of equities research analysts have weighed in on the company. Wolfe Research assumed coverage on Flowserve Corporation in a research note on Tuesday, July 11th. They issued an “underperform” rating and a $38.00 price objective for the company. Zacks Investment Research cut Flowserve Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 16th. BidaskClub cut Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Citigroup Inc. reiterated a “neutral” rating and issued a $51.00 price objective (down previously from $54.00) on shares of Flowserve Corporation in a research note on Monday, July 10th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $47.00 price objective (down previously from $56.00) on shares of Flowserve Corporation in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $47.45.
Flowserve Corporation Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Receive News & Stock Ratings for Flowserve Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve Corporation and related stocks with our FREE daily email newsletter.